Tim Ayres (NSW, Australian Labor Party, Minister for Industry and Innovation) Share this | Hansard source

by leave—I move:

That the Senate records its sadness at the death on 17 July 2025 of John Owen Stone AO, former senator for Queensland and Secretary to the Treasury, places on record its gratitude for his service to the parliament and the nation and tenders its sympathy to his family in their bereavement.

Senator John Stone was a towering figure in Australian public life—an economist, a public servant, a parliamentarian and a fearless advocate—whose contributions to national debate have left an enduring imprint on our national institutions.

Born in Perth in 1929, John Stone was the eldest child of Horace Stone, a wheat farmer, and Eva Myee, a primary school teacher. Stone attended Perth Modern School just a few years above Bob Hawke, and his academic brilliance was evident early. He graduated from the University of Western Australia and, like Hawke, went on to study at Oxford as a Rhodes scholar.

A leading disciple of what became known as economic rationalism in the 1980s, Stone began initially as a student of mathematical physics before switching to economics at Oxford. His intellectual rigour and analytical precision led him to the Commonwealth Treasury, where he served with distinction for over two decades. He was appointed secretary to the Treasury in 1979, but, as is said of him in the Biographical Dictionary of the Australian Senate, he had already established himself as the principal policymaker and spokesman of the department. In that role, he became one of the most influential economic voices in the country. He was a staunch advocate for fiscal discipline, transparency in public finance and the independence of Australia's economic institutions. His tenure coincided with a period of significant global economic upheaval, and he navigated those challenges with clarity and conviction. Stone was considered one of Australia's leading fiscal hawks and economic reformers, but he could be quite a contrarian too. He was a free marketeer who opposed the Whitlam government's bold tariff cut in 1973 as well as the timing of the floating of the Australian dollar in 1983, but to dwell on that would be to miss his pragmatism and his willingness to change his opinion as circumstance demanded.

The fact that John Stone could serve treasurers as different as Jim Cairns and John Howard is a testament to his belief in an independent Public Service. When Paul Keating was appointed Treasurer in March 1983, some urged him to replace Stone with a more amenable secretary. Keating refused, signalling that he and Stone both placed a premium on the contest of big ideas.

In 1987, he entered the Australian Senate as a National Party senator for Queensland. Though his time in this chamber was brief, his contribution was substantial. He brought to the Senate a rare depth of economic understanding and a fierce independence of thought. Senator Stone believed deeply in the importance of sound economic policy as the foundation of national prosperity. He was sceptical of excessive government intervention and wary of inflationary pressures. His views often placed him at odds with prevailing political winds, but he never wavered in his commitment to what he believed was economically prudent and nationally responsible.

I acknowledge that Senator Stone's views—and this is possibly the understatement of the week—on questions of economic management often diverged from my own. He was a critic of Keynesian stimulus and wary of redistributive policies. In a democracy, particularly a democracy like Australia's democracy, it's the contest of ideas that strengthens our institutions. Senator Stone's contributions to that contest were formidable, and his presence here and his role in Australian public life elevated the quality of debate in this place. His speeches were marked by clarity, conviction and a deep concern for Australia's long-term economic wellbeing. His clashes with Labor's finance minister, then finance minister Peter Walsh, were a regular highlight for senators to watch in those years, I'm told.

It seems misleading to speak of John Stone's retirement. He retained an intellectual leadership role in Australian conservative politics. In the HR Nicholls Society, in the Samuel Griffith Society, in the Australian newspaper and in Quadrant, his voice remained a big deal. He wrote prolifically, offering commentary on economic, cultural and political issues. Whether one agreed with him or not—and I rarely did—his arguments were always grounded in principle and presented with intellectual honesty. In recognition of that service, he was appointed an Officer of the Order of Australia, a fitting tribute to a man who gave so much to Australia.

Today we honour former senator Stone not only for his achievements but for his unwavering commitment to public service. He was a man of ideas, of principal and of deep conviction. His legacy will endure in the institutions that he helped shape and the debates that he enriched. On behalf of the Senate and of the government, I extend our condolences to his family, his friends and all those who mourn his passing. May he rest in peace.